ECON Final Review

Front

Scarcity results from ___________.

Back

limited resources and unlimited wants

Front

An example of a good would be _________ .

Back

a bottle of soda

Front

An example of a service would be ____________ .

Back

a manicure

Front

What does an entrepreneur do in a market economy?

Back

They create new business, which in turn creates new products and jobs.

Front

The two branches of economics are ____________ .

Back

microeconomics and macroeconomics

Front

What are the three basic economic questions?

Back

what, how and whom to produce for

Front

What determines the answers to the economic questions under a traditional economy?

Back

cultural customs

Front

What is a disadvantage to having a command economy?

Back

The people tend to be inefficient, as the point of hard work is lost.

Front

Which of the following will hurt your credit score the most?
- Paying the water bill on time when it is in your name.
- Checking your credit report for errors or fraud.
- Opening one credit card account, and paying it off every month on time.
- Closing all your old accounts that you don't use anymore.

Back

Closing all your old accounts that you don't use anymore.

Front

Above which number is your credit score considered to be approaching the "excellent" range from the "good" range?

Back

800